MW: Crude extends losses as U.S. inventories rise more than expe
Crude-oil futures widened their losses Wednesday after data showed U.S. crude inventories rose more than expected. Stockpiles gained 6.7 million barrels to 325.4 million in the week ended Jan. 2, the U.S. Energy Information Administration reported. Analysts surveyed by energy information provider Platts had expected a buildup of 1.5 million barrels. After the data, crude-oil futures for February delivery were off 7.7% at $44.84 a barrel on the New York Mercantile Exchange. Oil was down 3.6% before the data. Gasoline supplies rose by 3.3 million barrels in the latest week, while distillate stocks rose by 1.8 million barrels, the EIA reported.
